Former SEC and CFTC Chairs Call for Immediate Crypto Regulations and Consideration of Bitcoin ETF
Former CFTC chairman Timothy Massad has called for the creation of a self-regulatory organization, jointly overseen by the SEC and the CFTC, to establish basic standards for asset protection, fraud prevention, conflicts of interest, and reporting requirements in the cryptocurrency industry. Massad argues that waiting for litigation to conclude is not feasible due to the lengthy process and the potential for regulatory changes in the future. He emphasizes the need for immediate standards while the industry continues to evolve and the classification of cryptocurrencies as securities remains uncertain. This approach would avoid the need to rewrite securities laws and mitigate unintended consequences.